Strategies to Sustain Small-and Medium-Sized Business Enterprises in Nigeria (original) (raw)
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ABSTRACT It is incontrovertible that Small and Medium Scale Enterprises form the bulwark of the economies of Nigeria and the world over. It is also evident that they are the most prolific businesses. This treatise is on “facilitating the survival and growth of small and medium scale enterprises (SMES) in Nigeria “ One of the objectives of the paper is to find out whether the governments of Nigeria have supported the survival and growth of its SMES. The area of our study was the Ekwulobia area of Aguata local government Area of Anambra state in Nigeria. Our population size was 1200, while the sample size was 180. We concluded, among other things, that Nigeria governments at all levels must do their utmost to engender the survival and growth of SMES in their domain. One of our recommendations was that the federal government must give adequate support to the Small and Medium Scale Enterprise Development Agency Nigeria for it to of perform its functions more effectively
Strategizing for Sustaining Small Business Enterprises in Nigeria
IOSR Journal of Business and Management (IOSR-JBM), 2017
Small business enterprises are important to the economic growth of Nigeria because small businesses makeup 97% of the economy and contribute 70% of the country's job opportunity. Notwithstanding the importance of small businesses in the Nigerian economy, 80% fail within the first five years. Based on system theory developed by Ludwig von Bertalanffy, the purpose of this multi-unit qualitative case study was to investigate the strategies owners and managers used to sustain operations longer than first five years. Twelve senior managers of small businesses in Dutse Nigeria participated in an interview. Methodological triangulation of interview questions was used to collect the data. Review of transcribed data and member checking were used to affirm the validity, credibility, and reliability of the study. Ten dominant themes emerged as findings: managers with educational and professional qualifications, skills, and experience; written business and strategic planning; additional financing; commitment of owners; and improved working conditions and good employees manager rapport. Other findings include the use of word of mouth and maintaining a close relationship with top 20% and high spending customers; use of local FM radio stations, social media, and face-to-face contacts marketing; and the use of e-commerce and e-payment platforms. The findings also include the use of support services; and knowledge of seasonality, cutting cost, and financial discipline.Findings might be utilized by small business owners and managers to develop success strategies to sustain operations longer than first five years which might mitigate small business failure. Mitigating small business failure might contribute to the growth of Nigerian economy.
Strategizing for Sustaining Small Business Enterprises in Nigeria Doctoral Dissertation
ProQuest Dissertation Publication , 2018
Small business enterprises are important to the economic growth of Nigeria because small businesses makeup 97% of the economy and contribute 70% of the country’s job opportunity. Notwithstanding the importance of small businesses in the Nigerian economy, 80% fail within the first five years. Based on system theory developed by Ludwig von Bertalanffy, the purpose of this multi-unit qualitative case study was to investigate the strategies owners and managers used to sustain operations longer than first five years. Twelve senior managers of small businesses in Dutse Nigeria participated in an interview. Methodological triangulation of interview questions was used to collect the data. Review of transcribed data and member checking were used to affirm the validity, credibility, and reliability of the study. Ten dominant themes emerged as findings: managers with educational and professional qualifications, skills, and experience; written business and strategic planning; additional financing; commitment of owners; and improved working conditions and good employees manager rapport. Other findings include the use of word of mouth and maintaining a close relationship with top 20% and high spending customers; use of local FM radio stations, social media, and face-to-face contacts marketing; and the use of e-commerce and e-payment platforms. The findings also include the use of support services; and knowledge of seasonality, cutting cost, and financial discipline.Findings might be utilized by small business owners and managers to develop success strategies to sustain operations longer than first five years which might mitigate small business failure. Mitigating small business failure might contribute to the growth of Nigerian economy.
Acta Universitatis Sapientiae, Economics and Business, 2016
Small and medium enterprises (SMEs) play an essential role in the sustainable development of countries. They help in employment generation, industrial production increase, and export, social enrichment as well as political stability. This study investigates the survival strategies and sustainability of SMEs using selected small businesses in the Oshodi-Isolo Local Government Area, Lagos State. It examines the type of growth strategies that SMEs adopt, ascertains what influences their survival strategies as well as the challenges that hinder their growth. Fifty (50) SMEs were randomly sampled. Their owners and managers were interviewed using questionnaires. Data collected were analysed using descriptive statistics and Pearson product–moment correlation coefficient statistics. Our findings reveal that there is a statistically significant relationship between survival strategies and SMEs’ sustainability. The major implication of the findings is that maintaining small but committed and ...
Challenges Affecting the Performance of Small and Medium Scale Enterprises (Smes) in Nigeria
Journal of Human Capital Development, 2015
Small and medium scale enterprises (SMEs) have been identified as the catalysts and builders for economic growth and national development for both developed and developing countries, particularly Nigeria. The objective of this study is to investigate the challenges affecting the performance of SMEs in Nigeria. This paper identifies the challenges affecting the performance of SMEs in Nigeria to include financial constraints, infrastructural problems, management problems, marketing problems, technological problems, corruption problem, lack of skill labour, government unfavourable fiscal policy and policy inconsistence’s, inadequate training, socio-cultural problem, strategic planning problem, multiple taxation, and location and business environment problem. But this study discovered that the major challenges that affect the performance of SMEs in Nigeria are finance, infrastructure and training among other challenges which this study adequately focused on. This study suggests that fin...
Mitigating the Challenges of Small and Medium Enterprises in Nigeria
SEISENSE Journal of Management, 2019
Abstract Purpose- The purpose of the paper is to provide owners and managers of small businesses with necessary information about the challenges facing small businesses in Nigeria and present the possible tools, policies, and strategies to mitigate them. Design/Methodology- Using the multi-case qualitative study, managers of successful small companies narrated in an interview the tools, systems, and procedures they used to mitigate the identified challenges. The study answered the central question: what are the tools, policies, and strategies employed by managers of successful small businesses to mitigate the challenges facing their firms? Findings- The findings identified continuous government intervention and support to small businesses as a vital tool that reduced the challenges facing the sector. Practical Implications- The information found in this study can be used by small business managers to mitigate the challenges facing small businesses and reduce their massive failure in the economy. Mitigating the challenges facing small businesses in Nigeria will increase the number of successful small businesses, which will result in the reduced unemployment rate in the economy. A reduced unemployment rate in the Nigerian economy will increase the wellbeing of citizens, thereby reducing the unemployment rate in the economy.
Small and Medium Enterprises (SMEs): Key to Socio-Economic Development of Nigeria
International Journal of Research and Innovation in Social Science (IJRISS) , 2021
In Nigeria, as in many other developing and emerging economies, Small and Medium Enterprises (SMEs) contribute to their socioeconomic development and growth hence, successive governments have invested resources in intervention programs aimed at stimulating the sector to achieve sustainable development. The main objectives of the study are to; review the role of SMEs to the socioeconomic development of Nigeria, identify current government efforts and challenges to stimulating SMEs performance especially as it relates to wealth creation and employment generation. The study found that; SMEs play a key role in socio economic development of the country especially in the area of employment generation and wealth creation. However, there are prevailing economic and political conditions that have not given room for SMEs to thrive, as evidenced in the internal and external challenging factors they are currently facing in the country despite the enormous government intervention initiatives. It is recommended that government should reform the implementation of these initiatives, ensure programmes continuity due to change on government, fight corruption and insecurity, improve on the business environment and evolve youth reorientation programme to cause them to embrace entrepreneurship. The methodology adopted for this work is narrative textual case study.
Small and Medium Scale Enterprises (SMEs): A panacea for Economic Growth in Nigeria
2012
The emergence of small and medium scale enterprises (SMEs) is a major catalyst and a key success factor for the development, growth and sustenance of the Nigerian economy. Most government and business circles have come to recognize the importance of small and medium scale enterprises (SMEs) and have consequently agreed that their growth constitutes one of the corner stones of economic developmen., It is on the basis of this that the study of financing of small and medium scale enterprises (SMEs) in Amuwo Odofin Local Government of Lagos state is being embarked upon. The study also examines how government and other agencies finance SMEs in Amuwo Odofin Local Government area of Lagos State.. The study was guided by network theory. The major concern of the theory is the objective pattern of ties linking the agencies, individual and group of the society. The agencies in this study include banks, cooperative societies, and government, among others.Quatitative and qualitative method was u...